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Global Banks Return To Profit, But Europe Lags - Study

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http://uk.reuters.com/article/2014/12/02/uk-banks-study-profitability-idUKKCN0JG09Z20141202

The global banking industry has moved beyond recovery and regained overall profit for the first time since the financial crisis, although European lenders are still lagging far behind rivals, an industry study showed.

"Banks in North America are again growing and showing sizable economic profit, while those in Europe show little sign of recovery," Boston Consulting Group (BCG) said in its Global Risk 2014/15 report, released on Tuesday.

Economic profit (EP) is a measure of profitability that includes refinancing, operating and risk costs against income.

Banks generated an EP of 18 billion euros (14.26 billion pounds) in 2013, or 3 basis points of total assets, compared with negative EP of between 6 and 23 basis points in the previous four years, BCG said. Its latest study was based on more than 300 banks, representing over 80 percent of global bank assets.

WTF is "moved beyond recovery" meant to mean?

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